According to the GVH, there is single-digit inflation

By: Trademagazin Date: 2023. 11. 10. 13:33

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In addition to the government measures, the online price monitoring system operated by the Economic Competition Authority (GVH) contributed significantly to the achievement of single-digit inflation in October. The annual increase in the price of food decreased by almost 5 percentage points compared to the September data, in October, food became 0.1 percent cheaper on average – the competition office commented on Friday’s report of the Central Statistics Office (KSH), according to which the inflation measured on an annual basis fell below 10 percent.

Year-on-year inflation decreased from 12.2 percent in September to 9.9 percent in October. Compared to the data of the previous year, the increase in food prices was 10.4 percent in October, which is another significant decrease compared to the 19.5 percent measured in August and the 15.2 percent measured in September. In a monthly comparison, food became 0.1 percent cheaper on average in October compared to September prices – the GVH quoted the announcement of the KSH.

The data also show that the annual inflation of food is decreasing month by month. Compared to the peak of 44.8 percent in December 2022, the increase in food prices was 29.3 percent in June 2023, 23.1 percent in July, 19.5 percent in August, 15.2 percent in September, and 10.4 percent in October. compared to the previous year. All of this confirms that since the online price monitoring system operated by the Economic Competition Authority has been available to customers, food inflation has dropped by almost a third, the GVH announced. It was noted that the producer price index for agricultural products has been clearly and steadily declining since May 2023, which also affects food inflation.